Ethereum Struggles at $2,300 Resistance Amid Bearish Signals

Ethereum, the world’s second-largest cryptocurrency by market capitalization, finds itself at a critical juncture as it battles persistent resistance levels that have thwarted its price ascent. IN the struggle to surpass the tenacious $2,300 barrier, Ethereum displays a handful of bearish indicators suggesting a potential retreat toward the $2,080 support bracket.

Despite several attempts to forge past the dual resistance levels of $2,280 and $2,300, Ethereum’s valor falters as the price hovers below $2,260, further weighed down by the 100-hourly Simple Moving Average. A discernible connecting bearish trend line on the hourly chart offers resistance near the $2,240 mark, indicating possible extended losses if Ethereum remains suppressed below the $2,300 threshold.

The recent efforts of Ethereum to initiate an upward trajectory were stifled by opposition near the $2,300 pivot, coupled with the influential 100-hourly Simple Moving Average. The crest of its climb halted at approximately $2,289 before succumbing to bearish pressures that eroded its gains and pushed it below the critical $2,250 level. Moreover, this decline has transcended the 23.6% Fib retracement level of the recent upswing from the $1,860 base to the $2,289 zenith.

The prevailing trade price stagnates below both $2,260 and the 100-hourly Simple Moving Average, trapped beneath the bearish trend line, a prelude to further challenges. Should a recovery effort emerge, initial resistance looms near $2,250 and the foreboding trend line, followed by formidable barricades at $2,280, and ultimately the pivotal $2,300.

A decisive close above the $2,300 resistance may herald a substantial bullish phase, targeting the next critical resistance near $2,400. A successful bullish breach of this level could catalyze a rally toward the $2,500 territory and potentially extend gains to the $2,620 vicinity.

On the contrary, if Ethereum fails to surmount the $2,250 resistance, it risks initiating a fresh descent. The downside protection is initially expected near the $2,120 level, with the salient support projected at the $2,080 mark or the 50% Fib retracement level of the aforementioned rally. A downward break and close below this level could unleash a robust bearish tide, potentially dragging Ether toward the $2,020 support. Further losses could drive the price down to the $1,960 level.

Technical evaluations reinforce this bearish sentiment, with the Hourly MACD on a trajectory that deepens within the bearish zone and the RSI for ETH/USD slipping below the 50 level. Observers watch the $2,080 zone as a major support level, while $2,280 stands as the critical resistance to overcome.